2003 Sydney International Boat Show
press release...
Upgrade to the Boat of Your Dreams
16th July 2003
Boaties around Australia now have one of the best opportunities ever to upgrade to the craft of their dreams with a unique new financing product from Australia's most diversified and active marine financier, Capital Finance.
Capital Finance, a wholly-owned subsidiary of Halifax Bank of Scotland, will launch the product under the BIA Marine Finance banner at the Sydney International Boat Show from July 31 to August 5, 2003.
Capital Finance National Manager Marine Ruben Biurra said the financing product was the simplest and most effective way for people to buy their first boat or upgrade to a newer, bigger model of their existing boat.
Successful applicants pay a 50 per cent deposit on the cost of the new boat, pay only the interest for the next two years before paying the balance or refinancing for a new boat.
"We realise marine craft are a luxury item for many people and they don't see the sense in drawing down 100 per cent of the cost from savings to buy the boat of their dreams," Mr Biurra said.
"With this product people can put down half the cost of the new craft and enjoy two years of boating at only the cost of the interest and then at the end of that period have the freedom to refinance or pay the balance.
"We all know how expensive boating can be and having this sort of freedom in financing your craft means you can enjoy it without constantly worrying about the cost."
The product is available for any type of marine craft from trailer boat to a cruiser or yacht and is being rolled out around the country to coincide with Boat Shows in Melbourne, Adelaide, Sydney, Perth and Brisbane.
Since entering the Australian market in 1995 through the purchase of KE Financial Services, then with assets of $150 million, Capital Finance has grown its Australian receivables to in excess of $4 billion.
The company recently confirmed its commitment to the Australian marine industry with the signing a new three year finance contract with the Boating Industry Association of NSW Ltd (BIA) and the extension of a badged finance agreement with Volvo Penta.
Capital Finance's parent company, Halifax Bank of Scotland, has a trading history stretching back more than 300 years and is the fifth largest banking group in the United Kingdom with assets in excess of $800 billion.